The Q4 2025 Housing Market Index shows a continued slowdown in housing starts, with 38% of builders reducing staff due to market conditions. Single-family and multi-family indices hit record lows, especially in Ontario, British Columbia, and the Prairies. Builders urge expanding the federal GST rebate to all buyers and lowering development taxes to improve affordability. Without changes, future homebuilding capacity may decline, worsening the housing supply deficit.